Countingup, a UK-based business current account that automates accounting, announced on Thursday it raised £4 million in a bridge round of financing, which was led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures. The company reported that in the two years since its launch, it now has more than 20,000 customers and has processed nearly £1 billion in transactions.
Founded in 2017 and launched in 2018, Countingup describes itself as a financial platform for small businesses. The company explained:
“We make running your small business simple and more enjoyable. By having your banking and accounting all in one place, you get to focus more on growing your business or having the lifestyle you want. Reclaiming all that lost time is why thousands of startups, freelancers, sole traders and limited companies choose Countingup to run their business.”
While sharing more details about the company’s service, Founder and CEO, Tim Fouracre, explained that the service is a more automated and accurate alternative to traditional bookkeeping software.
“It’s ideal for sole trader clients and solves several customer pain points in one seamless solution.”
Countingup further revealed that the funds will be used to accelerate the banking and accounting roadmap to make it even easier and more efficient to digitally run a small business. Fouracre added:
“We’re thrilled to have ING Ventures on board. ING is a leading pan-European bank that has the reach to open up opportunities for Countingup as we look to expand internationally in the coming years. Following this bridge investment we will seek to do a larger funding round to accelerate growth once normality returns to society and the economy post the COVID-19 pandemic.”